Mid Month Update-March 15, 2017
The Altus office has been full of activity over the last month with multiple refinances in process, a new property closing, several deals under review and our town home project coming to an end. In order to keep things moving, here are our current projects!
Altus Multi Tenant Income Fund
- Villaggio (33 units, Sacramento) – 98% occupied.
- Shasta View (51 units, Redding) - 96% occupied.
Single Purpose Entity Investments:
Village on the Lake
(160 units, Oklahoma City)
- We officially closed this property on 3/7. Eighty five percent occupied upon take over.
- This will be a full repositioning project – Interior and Exterior.
- Our goal is to have the exterior work done by May 6th so that the complex looks great for this summer’s leasing season. Contractors were onsite on 3/7 beginning the exterior paint prep work.
Crosswinds and Crosswinds Cove
(194 units, Oklahoma City)
- 93% Cove
- 83% Crosswinds
- Crosswinds Cove (68 units) exterior renovations are complete.
- Work at Crosswinds (126 units) has progressed tremendously with exterior painting almost complete, the office renovation and refurnish complete and landscape upgrades in motion.
- Interior renovations at Crosswinds were very well received. Both units that received a full renovation with new cabinets, countertops, flooring and upgraded lighting packages were leased at 12% increase over the previous market rent.
(80 units, Little Rock AR)
- 67% occupied
- A new construction crew was brought onboard to increase construction unit completion. To date 22 of the 80 units are complete, with 10 more in process.
- We have 8 transfers scheduled for current residents to move into the completed units. We are thrilled to keep so many existing residents.
(304 units, Oklahoma City)
- 76% Occupied
- Construction is 80% complete with only 56 units left for remodel. We are still well ahead of the original completion date of December 2017.
- Overall leased units increased by ten in February. We continue to change up marketing specials to increase traffic to the property.
(98 units, Edmond OK)
- Leasing is our main objective for this property. Since traffic has been slow we are being creative with our strategies to get people onsite!
Cedar Hills Apartments
(124 units, Oklahoma City)
- 93% occupied.
- We have been working diligently with this property to increase our net operating income to meet the expected returns projected. February was our best month since the new property management team took over a year ago and we are excited to see this trend continue.
(11 Units, Petaluma)
- 100% occupied.
- A unanimous approval was given at the City Council meeting for the PUD proposal.
(20,000 SF Commercial Space, Rohnert Park)
- The property remains on the market for sale.
AE Three -1500 Farmers Lane
(17,400 SF Commercial Space, Santa Rosa
- Lease negotiations are complete with an excellent tenant on a ten year lease. The only remaining hurdle is the use permit required for the tenant to be able to move in.
1 Carousel Lane, Ukiah, CA
(98,000 SF Light Industrial Space)
- Remains stable with two tenants.
405 5th Street, West, Sonoma, CA
(7 townhomes, Sonoma)
- Final landscaping, paving and interior punch lists are in process.
- 6 of the 7 units are presold, with most closing within two weeks of PG&E connecting gas to the property. The final unit will go on the market officially by 3/15.
- Check out the listing here: http://www.405fifthstreetwesthomes.com/
(42 Units, Modesto CA)
- We are still in contract to sell this property well above the initial asking price. The property is expected to close in early April.
- After funding the three loans in the pipeline for January we lined up another loan that is supposed to close this week. As we push to grow our lending business this year we continue to look for more lending opportunities.
On the Horizon:
- Currently we are in contract to purchase a 100 unit complex in Tulsa, OK. We are excited about this opportunity as it has a strong senior resident base with very stable occupancy. This will be a structured investment with a single 1031 investor.
- Our broker relationships continue to bring us deals to analyze: we are currently looking at industrial warehousing and multifamily properties in Dallas, Tulsa, Oklahoma City and Little Rock, and Texarkana (Tx).
If you have any interest in discussing any of the above opportunities in greater detail, please reply to this email or call our office at (707) 932-5887. We will gladly add you to our distribution list and/or schedule an appointment to discuss your investing needs further.